IFAC has published Building Trust in Sustainability Reporting: The Urgent Need for Integrated Internal Control to address the demand for high-quality sustainability reporting and to prepare professional accountants for mandatory international and jurisdictional reporting and assurance requirements. This analysis highlights how companies can integrate sustainability information within their existing internal control and governance frameworks.

Professional accountants are ideally positioned to leverage existing internal control frameworks and apply them to sustainability information—enhancing both data quality and the connectivity of sustainability and financial reporting.

The COSO Internal Control - Integrated Framework has long provided a good foundation for delivering confidence in corporate reporting. In an integrated internal control environment, it can provide the foundation for enhancing the quality of sustainability data used for measuring progress on key sustainability objectives and deliver confidence to investors in the sustainability and financial performance of companies.

To bring about sustainability and climate transitions, companies and investors need to make economic decisions based on information they can trust— related to risks and opportunities, performance and resilience. An integrated internal control approach will lead to higher quality and more integrated reporting and help companies avoid perceptions of greenwashing and regulatory or legal action.

 “The professional accountant’s skillset is instrumental in bringing about a step change in the quality of sustainability reporting through applying new reporting standards and integrated internal controls,” said Kevin Dancey, IFAC CEO. “Integrated internal control can put sustainability information on par with financial information, enhance its assurance readiness, and set the foundation for transitioning to a more sustainable business model.”

See IFAC's website and the ISSB’s Knowledge Hub which includes free resources for preparers to help them prepare for applying IFRS S1 and IFRS S2.

About IFAC

IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 180 members and associates in 135 countries and jurisdictions, representing more than 3 million accountants in public practice, education, government service, industry, and commerce.

Mrs. Lynda Gimena Estupiñán Peñaloza joined the IFAC's PAIB Advisory Group in January 2025. She was nominated by the National Institute of Public Accountants of Colombia (INCP). Mrs. Estupiñan currently works as a regional accounting leader for Medtronic, facilitating technical knowledge for professionals at a regional and global level.

Prior to this role, she worked as an auditor and consultant at Deloitte for almost 17 years and was appointed to represent Latin America to develop content and methodology for auditors globally.

Mrs. Estupiñan received a Bachelor’s degree as a Public Accountant from the Santo Tomas University, as well as a master’s degree in administration with an Emphasis in Finance.

Professional accountants in business (PAIBs) play a crucial role in advancing sustainable business practices, promoting transparency, and enhancing the economic and social prosperity of communities across the globe. 

In its final meeting of 2024, IFAC’s PAIB Advisory Group explored the transformative role of PAIBs in tackling global challenges and seizing new opportunities to strengthen the role of accountants in driving business success and resilience. Discussions focused on navigating systemic risks, fostering innovation, and advancing sustainability to position PAIBs as key enablers of transformational change. 

Key themes included: 

• Embracing AI for Innovation: Generative AI is revolutionizing the work of PAIBs. A case study on internal audit highlighted its use, saving time and enhancing strategic insights. 
• Driving Climate Resilience: PAIBs are crucial in improving sustainability information and disclosure and mobilizing investments to support low-carbon transitions. 
• Integrated Thinking and Decision-Making: Breaking silos to enable holistic decision-making and creating long-term value requires integrated thinking capabilities which can vary by career stage or role. 
• Supply Chain Management and Procurement: PAIBs can partner with procurement, operations, and compliance teams to achieve ethical and sustainable procurement and supply chain management practices. 

Sanjay Rughani, PAIB Chair, said: “In this era of transformation, professional accountants are uniquely positioned to drive change and create value across organizations. By embracing innovation and integrated thinking, PAIBs can lead the way in shaping a resilient, sustainable future.” 

Explore their discussions in Enabling Global Transformation: Opportunities for Professional Accountants in Business.  

IFAC remains committed to equipping PAIBs with the tools and resources to thrive in a dynamic global landscape. The next PAIB Advisory Group meeting will take place in April 2025 in Tokyo, hosted by the Japanese Institute of Certified Public Accountants (JICPA). 

About IFAC’s PAIB Advisory Group 

Formed in 1977, the PAIB Advisory Group is comprised of volunteers with experience and expertise in the world of business and the public sector, nominated by the professional accountancy organizations that make up IFAC’s membership. 

By bringing these experts together, IFAC delivers thought leadership, fosters collaboration, and equips its member organizations with tools and strategies to support their members in navigating complex, evolving business landscapes. 

About IFAC 

IFAC, by connecting and uniting its members, makes the accountancy profession truly global. 

IFAC member organizations are champions of integrity and professional quality, and proudly carry their membership as a badge of international recognition. 

IFAC and its members work together to shape the future of the profession through learning, innovation, a collective voice, and commitment to the public interest. 

Mr. Lei Chen was appointed to the IFAC PAIB Advisory Group in January 2025, nominated by the Chinese Institute of Certified Public Accountants (CICPA).

Mr. Chen has long contributed to the global development of the State Grid Corporation of China (State Grid), the world’s largest utility and one of China’s leading companies. Since 2021, he has served as a board member and senior executive of State Grid Overseas Investment Limited (SGOI), holding roles as CFO and executive vice president. SGOI, the overseas treasury center of State Grid, entrusts Mr. Chen with responsibilities spanning financing management, compliance, risk control, and legal affairs.

Prior to joining SGOI, Mr. Chen spent nearly a decade at State Grid International Development Co., Ltd. (SGID), the international arm of State Grid specializing in overseas energy asset investment and operations. As a key member and leader of SGID's investment and financing team, he played a pivotal role in major M&A transactions and witnessed the company’s rapid expansion across Asia-Pacific, Latin America, and Europe.

Mr. Chen began his career at Ernst & Young as an auditor, assisting clients with overseas listings.

He holds professional qualifications from CICPA, ACCA, and CGMA and is a Fellow of the Chartered Institute of Management Accountants (CIMA). Mr. Chen earned a PhD in accounting from the Institute of Fiscal Sciences of the Ministry of Finance, China, and a master’s degree in economics from the Capital University of Economics and Business.

Assoc. Prof. Zekeriya Demir became a member of the IFAC Professional Accountants in Business (PAIB) Advisory Group in January 2025. He was nominated by the Union of Chambers of Certified Public Accountants Turkey (TURMOB).

Mr. Demir started his career in 1996 as an Auditor at Sahra YMM, a CPA company. He served as Internal Auditor and Shipping Operations General Manager at Gürsoy Group Companies between 2000-2006. He worked as the Financial Affairs Director at Türker Group of Companies between 2006-2007. Appointed by the TMSF (SDIF), he also served as a Member of the Supervisory Board at Nergis Holding and its affiliated companies between 2005-2008.

Mr. Demir worked as an Assistant Professor and Deputy Dean at Kırklareli University, Faculty of Economics and Administrative Sciences, Department of Business Administration between 2009-2015. He worked as the Financial Affairs Manager at STM Defence Technologies Engineering and Trade Inc., an affiliate of Undersecretariat of Defence Industries in 2015 – 2016. In August 2016, Mr. Demir was appointed as the SVP of Accounting and Financial Control department. As of April 2022, he has been appointed as Chief Financial Officer of Turkish Technic.

Mr. Demir, who is a Certified Public Accountant and Independent Auditor, served as a Board Member of the Istanbul Chamber of Certified Public Accountants between 2013 and 2016. 

Having graduated from Anadolu University, Faculty of Economics and Administrative Sciences - Department of Economics in 1992, Demir completed his Masters in Economics in 1995 and his PhD in Economics in 2004 at Marmara University. In 2023, he received the title of Associate Professor in the Field of Accounting Science. Continuing his academic studies, Demir has been publishing papers presented in national and international congresses and articles released in various journals. 

CMA (Dr.) Ashish P Thatte joined the IFAC Professional Accountants in Business Advisory Group in January 2025. He was nominated by The Institute of Cost Accountants of India from India.    

CMA Dr. Ashish Thatte is a renowned Cost and Management Accountant (CMA) in India. He is a Partner in the Leading Cost and Management Accounting firm Joshi Apte and Associates specializing in cost audits, cost management, internal audits, designing MIS, and valuations etc. He is also an Insolvency Professional and Independent Director. He was the youngest Chairman of Western India Region of The Institute of Cost Accountants of India (ICMAI). He is a Member of Central Council of The Institute of Cost Accountants of India 2023-27, Chairman of Sustainability Standards Board, Indirect taxes Committee and International Affairs Committee 2024-2025, and a Member of Member’s Development Committee (MDC) of Confederation of Asia Pacific Accountants (CAPA) from 2023-2027.

CMA Dr. Ashish Thatte holds M.Com and Cost Accounting degrees, a Doctor of Philosophy (PhD) from Symbiosis International Deemed University, and an MBA from University of Mumbai.

Professional accountants in business (PAIBs) occupy a pivotal position in driving sustainable business practices, fostering transparency, and contributing to the economic and social well-being of communities worldwide. Recognizing that in an increasingly interconnected and rapidly changing global economy, the role of accountants is evolving, the theme of our last PAIB Advisory Group meeting was Accounting for a Better World. The event was hosted by IFAC Member SAICA (South African Institute of Accountants) in Cape Town, South Africa, and the theme was inspired by the ACCA’s agenda for action.

PAIBs comprise a significant part of the profession working in commerce, industry, financial services, education, and the public and not-for-profit sectors, and the PAIB Advisory Group focuses on ensuring these accountants meet the future needs of business and the public sector by convening leaders, sharing their knowledge and insights, and identifying trends globally.  

Informed by IFAC’s PAIB Advisory Group’s last meeting, our new article, Accounting for a Better World, outlines multiple opportunities where professional accountants can have an impact, including: 

• Enabling Africa’s transformation  
• Diversifying entry into the accountancy profession and strengthening the talent pipeline  
• Ensuring sustainability and excellence as a CFO Driving integrated thinking through strong corporate governance 
• Harnessing the transformative opportunities of AI  
• Nature-related accounting and financial disclosure  

Sanjay Rughani, PAIB Advisory Group Chair said: “To IFAC’s members worldwide, I urge you to seize the momentum generated by our discussions and embark on a journey of continuous learning, innovation, and collaboration. Our discussions were not merely exchanges of ideas but rather catalysts for action, igniting a sense of purpose and urgency. Professional accountants, now more than ever, have the opportunity to contribute to creating a better world.” 

Read the article now.   

About IFAC  

IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 180 members and associates in 135 countries and jurisdictions, representing more than 3 million accountants in public practice, education, government service, industry, and commerce.  

About the PAIB Advisory Group  

Formed in 1977, the PAIB Advisory Group is comprised of volunteers with experience and expertise in the world of business and the public sector, nominated by the professional accountancy organizations that make up IFAC’s membership.  

Charles Xuereb became a member of the Professional Accountants in Business Advisory Group in 2024. He was nominated by the Malta Institute of Accountants. He is CEO of Trident Estates Plc.

Charles started off his professional career with PricewaterhouseCoopers as an auditor.  In 1995, he joined Simonds Farsons Cisk plc (“SFC”), a company listed on the Malta Stock Exchange, as Chief Accountant of a subgroup operating franchised foods outlets (Pizza Hut©, Burger King©, KFC© and TGIF©). Subsequently, he was appointed SFC’s Group Financial Services Manager and in 2004, following the acquisition of the food importation arm, he was assigned the key task of integrating the newly acquired company’s finance systems within the Group.  He was appointed Financial Controller whilst retaining the overall finance responsibility of the franchised foods business.

In 2005, Charles was appointed SFC’s Group Chief Financial Officer (CFO) that included the responsibility for the Group’s overall financial management, direction and governance as well as the Group’s Credit Control, Information Technology and Business Services.  He also served as a member of the Group Executive Board and sat on the Board of ten companies within the SFC Group.

In 2017, he was appointed Chief Executive Officer of Trident Estates plc, a property group that was spun-off as a separate listed entity on the Malta Stock Exchange in 2018.  He spearheaded the development of Trident Park, a €66 million green office campus developed on a historic site, a landmark Art Deco industrial facility, creating a space that embraces both contemporary design and state-of-the-art technology while also preserving and even celebrating the original site’s heritage and context, developing 43% of the developable land available.

Charles is a Certified Public Accountant and a Fellow of the Malta Institute of Accountants. Elected in 2013, he is President of the Malta Association of Credit Management. He is also the Deputy Chair of the Professional Accountants in Business Group within the Malta Institute of Accountants, and forms part of the Disciplinary Appeals Pool within the said institute.

Charles holds a Bachelor of Arts Honours degree in Accountancy from the University of Malta.

Josephine Okui Ossiya joined IFAC’s Professional Accountants in Business (PAIB) Advisory Group in January 2024. She was nominated by the Institute of Certified Public Accountants of Uganda.  

Mrs. Ossiya is the CEO of Capital Markets Authority Uganda. Previously, she was the Chief Finance Officer of Bujagali Energy Limited. Effective February 1, 2024, she will be the CEO of Capital Markets Authority Uganda.  Previously, she was CFO and Head of Finance of ATC Ghana and Finance Director, Eskom Uganda Limited. She has also worked for Standard Chartered Bank as Financial Controller, Shell U Ltd as Compliance Manager, Corporate Treasurer and Financial Controller, British American Tobacco as Area Auditor for Eastern Africa, and as an Internal Auditor at National Social Security Fund & National Water and Sewerage Corporation. 
 
Mrs. Ossiya holds a Bachelor of Commerce degree (Accounting) from Makerere University and a Masters of Business administration specialising in International Business from the University of Liverpool. 

She is a member of the Institute of Certified Public Accountants of Uganda (ICPAU) and the current President of council of the Institute of Certified Public Accountants of Uganda, a Fellow of the Association of Chartered Certified Accountants UK (ACCA), and a founder Member of the Institute of Internal Auditors Uganda. Since 2018, she has been a member of the board of Bank of Uganda, serving as the Chairperson of the Strategy Finance Committee of the Board and Chairperson of the Board of Trustees of the BoU Staff Retirement Defined Benefits Scheme. She is also Chairperson of the audit committee at Busitema University. 

She is partner in Rona & Partners (an accounting & audit services firm). She is an entrepreneur, farmer and owner of Mychere Ltd a company involved in Agro-processing (growing rice & Turmeric, processing and packaging). 

With her husband Solomon Ossiya, a lawyer and advocate, she has three daughters. 

Lisa Kelley joined IFAC’s Professional Accountants in Business (PAIB) Advisory Group in January 2024. She was nominated by the American Institute of Certified Public Accountants (AICPA). 

Ms. Kelley is Managing Director of Floating Interest Corporation where she provides business consulting and fractional CFO services. Previously, Lisa was the VP of Global Logistics at Avnet, Inc. (AVT), a Fortune 500 company that markets, distributes and adds value to a wide variety of electronics components, enterprise computer products and embedded subsystems with over $20 billion in revenue operating in 100+ countries. Lisa joined Avnet as the Chief Audit Executive leading risk management strategy and establishing global audit practice in trade compliance, anti-corruption and data privacy/cyber-security. Prior to joining Avnet in 2014, Lisa was in several senior leadership roles at Asurion, a global leader in technology protection services with over $6 billion in revenue. During Lisa’s nine years with Asurion she primarily served as the Group CFO for Asurion Global Supply Chain, Customer Care & Program Management. Before joining Asurion, Lisa was the Chief Accounting Officer for Brightpoint, a publicly traded company, which was acquired by Ingram Micro in 2012. Brightpoint was a $1.9 billion distribution and logistics services company supporting the global wireless telecommunications and data industry. From 1992 through 2003, Lisa had varied roles with Plexus Corp., a publicly traded global electronics contract manufacturer. Roles included Vice-President of Corporate Development, Vice-President of Finance, Corporate Controller and Treasurer. 

Lisa has six years of public accounting experience, is a Certified Public Accountant and Certified Management Accountant with an MBA from the University of Wisconsin. Lisa currently serves on an IPO company board and two private company boards. Lisa has served on a publicly traded board that went private and a not-for-profit board. She is active within her profession as she has served on various executive committees for the AICPA, AACSB Accounting Accreditation committee, past-chair of the Financial Executives International - Nashville chapter, and a past-member of the Tennessee Society of Certified Public Accountants and the Wisconsin Institute of Certified Public Accountants.